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Efficient Risk Management in Financial Systems: Universal Bank or Securitisation?

In: The Recent Evolution of Financial Systems

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  • Elisabetta Montanaro

Abstract

From the early eighties onwards, two seemingly opposite tendencies have developed in financial systems. On the one hand there has been the great success of the securitisation process that resulted in the disintermediation of banks; this originated in the conversion of bilateral credit relations into marketable financial instruments. The main cause of securitisation has been the growing advantage for firms, investors and even banks in dividing complex credit functions into a series of elementary functions, each assigned to a different part of the market. Evidence of this can be seen in off-balance sheet securitisation, which is the most innovatory outcome of functional specialisation in financial markets (Bryan 1994).

Suggested Citation

  • Elisabetta Montanaro, 1997. "Efficient Risk Management in Financial Systems: Universal Bank or Securitisation?," Palgrave Macmillan Books, in: Jack Revell (ed.), The Recent Evolution of Financial Systems, chapter 0, pages 123-130, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14192-0_6
    DOI: 10.1007/978-1-349-14192-0_6
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